Thoroughbred Energy Ltd. - Asset Sale
Thoroughbred Energy Ltd., General Partner of Thoroughbred 2007 Limited Partnership ,
(Thoroughbred) has engaged NRG Divestitures to market the sale of certain of Thoroughbred’s producing oil properties in Alberta.
The Bilbo, Gilby, and Meekwap properties are currently producing a combined working interest production to Thoroughbred of 16.6 bopd and 25 mcfd. Estimated monthly net field cash flow from Bilbo and Gilby is $7,200. Unit budgeted 2014 monthly cash flow for the Meekwap property is $17,500. These properties have significant production history’s and predictable future production levels.
The Gilby property consists of a 0.901 % interest in the Gilby Upper Mannville J Unit, which is under water flood. The Bilbo (Steep Creek) property contains 3 pumping Cardium oil wells, in which Thoroughbred has a 15.2312 % working interest. The oil production profile from this property is essentially flat.
These three properties provide an opportunity for the buyer to add light oil cash flow without burdening general and administrative costs or negatively affecting a purchaser’s LLR.